The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-03-12

OdIum's bill to punish fraud in the
capita ization or the increase in capital
of corporsiions, being the special or
der, was taken no. FhtfG
The bill provides that it is' unlawful
for any ptr.on to be party to or in auy
manner to promote the capitaiz ition
of any corporation organized under
the laws of Tennessee, or within this
Site, snd for the purpose OF transact
ing business under the laws Of any
Other State, Territory or government,
a sum or an amount greater than the
cAsh capital subscribed by bona fide
suoscilf N, or in txcess OF thu cash
N ,rket value Of the pr Jperty legily
Subscribed and owned under a good
title by such ccrporStion.
The bill makes the violation OF the
aci fe ony. with penalty Of from
ooe to tiva years Ia the uenitentiary.
Mr.. Odlum spnke bris fly in favor OF
his bill as designated 10 strike at
growing evil.
Mr.. Lindsay opposed the bill.
MIR. Sava.e thought the bill good
one.
Mr.. Burney thought the bill went
too far, as he understood it requ d
thst all stocks must be worth their
face va 'ue.
Mr. Hunt offered an amendment
giving graud jlries iuquisitorisl power
In the matter of violations of this act.
Adopted. Ths bill failed for want OF
q consti.u.ional mejority-yeas 46,
nays S7.
A notion to reconsider was entered.
Adjourned till . clock pm.
.. AFTERNOON sEssIoN.
Mr III HI'slock called up Mr.. Parks's
bill for the be1ef OF the r indall Cole
Home
On mo.ion of Mr.. Parks the Senate
bill on the came subjec. WAS substi.
tutsd for the Hopsa bill.
The bill is TO accept the suTrander
OF charter and the don alton 10 the
State Of the property of the Randall
Cole Industrial ,chool, 10 pfoviie for
its management as State institution,
AID to mako an appropriation for it'
Improvement The appropriation is
S2tI, 600 to which Mr.. Gamble, on be-
half of OIL. Cole, offered to add $4,000,
go as to make the $4,000 deemed
nee ssary by the manage to place
the institution on q eutce ssful bssi,.
Mr.. Gamble stated that he was in
formed that the property can now be
8 I'D for S75, COO, and hat the object Of
the school was to take care OF the
waits aud such children as wers not
able to take care of Themselves aud
such as might be charged with crime
or misdemeanors, instead OF sending |
item 10 the ptnitent ary. Tne pur-
pose of tbs bill is to keep them sep.
arate from tho,e who are not 30
Mr.. Williams, of Franklin, spoke
against ths bill and offered the follow
ing amendment: To strihe out all
alter the enacting clause and insert:
|" That the Representa- YES OF the peo
pie of the Slats, in the nama OF the
people thereof, tender to Col. E W.
Cole their thanks for 1.-The offer,
hut they deem it improper at this
time and impolitic to assume, on the
part of the State, as a State institution,
the Randall Cole Industrial Scheol."
Mr.. Liltletou spoke in favor of the
bill, and moved to lay the amendment
On the table, which motion failed
yeas, 35; nsys, 81.
Mr.. Golladay spoke in flvor Of the
Dill and Mr. Savsge opposed it.
Tho previou, question on the amend.
nentswas called and sustained, and the
Imendment was adopted.
Few new bills of little Importance
we're introduced, and ths HJuse ad-
5urned.